There are some important factors to keep in mind while investing in property in Nigeria. The first step is to understand what kind of a property you want to buy and then learn all that you can about who is selling it. You will need to look into the verification and documentation procedures required as well.
Any investor will want only the best value for his/her money. It is important to consider the future growth and development in the area where the property under consideration is located. You should aim for a property that shows potential of growth. You may look for a flat, an apartment, an independent house or a bungalow, just study the surrounding infrastructure before investing money.
When buying property in Nigeria, be very particular about finding out who is the owner of the property. Be cautious about the name appearing in the ownership papers. The seller of the property may not be the owner himself/herself. Find out if the person negotiating a deal is a relative or friend or someone else in relation to the property’s owner.
It is important to note that in Nigeria, the Land Use Act of 1978 is under force. This Act decrees that all land in Nigeria is State Land. Under this law the Governor of the State manages all land for the people. As a consequence, no land is privately owned. During a sale or purchase of real estate in Nigeria, on paper a ‘seller’ transfers the rights to a ‘buyer’.
So, keeping these aspects in mind understand the terms of ownership and identify the true owner accordingly. Find out if the owner has any liabilities vis-à-vis the property and if there is any litigation. For any entitlement or alteration, the Governor’s consent is required which comes as a statutory certificate. This certificate does not however entitle the ‘owner’ to sell or sub-let a property. Any such move will have to be sanctioned by the State Governor.
Once you have satisfied yourself on all these aspects you can make the payment to the owner and collect the purchase receipt. Remember to acquire the contract of sales, building plan and other original relevant documents. And last but not least do register the documentation of your purchase with the state government.
You can find listings of excellent properties in Nigeria for sale with a reliable and experienced Nigerian property search engine. You will be well advised on the various laws and procedures involved in the selling, buying and renting of property in Nigeria.
Any investor will want only the best value for his/her money. It is important to consider the future growth and development in the area where the property under consideration is located. You should aim for a property that shows potential of growth. You may look for a flat, an apartment, an independent house or a bungalow, just study the surrounding infrastructure before investing money.
When buying property in Nigeria, be very particular about finding out who is the owner of the property. Be cautious about the name appearing in the ownership papers. The seller of the property may not be the owner himself/herself. Find out if the person negotiating a deal is a relative or friend or someone else in relation to the property’s owner.
It is important to note that in Nigeria, the Land Use Act of 1978 is under force. This Act decrees that all land in Nigeria is State Land. Under this law the Governor of the State manages all land for the people. As a consequence, no land is privately owned. During a sale or purchase of real estate in Nigeria, on paper a ‘seller’ transfers the rights to a ‘buyer’.
So, keeping these aspects in mind understand the terms of ownership and identify the true owner accordingly. Find out if the owner has any liabilities vis-à-vis the property and if there is any litigation. For any entitlement or alteration, the Governor’s consent is required which comes as a statutory certificate. This certificate does not however entitle the ‘owner’ to sell or sub-let a property. Any such move will have to be sanctioned by the State Governor.
Once you have satisfied yourself on all these aspects you can make the payment to the owner and collect the purchase receipt. Remember to acquire the contract of sales, building plan and other original relevant documents. And last but not least do register the documentation of your purchase with the state government.
You can find listings of excellent properties in Nigeria for sale with a reliable and experienced Nigerian property search engine. You will be well advised on the various laws and procedures involved in the selling, buying and renting of property in Nigeria.
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